Gold technical analysis: Eyes support at $1,456

Gold's daily chart shows a bearish Doji reversal.
The yellow metal risks falling to support at $1,456.

Omkar Godbole FXStreet Contributor

Gold prices could drop to support at $1,456, the candlestick pattern on the daily chart indicates.

On Thursday, the yellow metal closed below $1,466 – the low of the Wednesday's Doji candle – confirming a bearish reversal. Put simply, the corrective bounce from the Nov. 12 low of $1,445 has ended and the bears have regained control.

Prices, therefore, look set to test support at $1,456 (Nov. 18 low).

Supporting the bearish case is the below-50 reading on the 14-day relative strength index (RSI). The ascending trendline breakdown on the hourly chart also indicates the path of least resistance is to the downside. As noted earlier this week, the gold market sentiment is still quite bearish.

On the higher side, Wednesday's Doji candle high of $1,479 is the level to beat for the bulls.

Daily chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1464.3
Today Daily Change	-0.76
Today Daily Change %	-0.05
Today daily open	1465.06

Trends
Daily SMA20	1480.83
Daily SMA50	1490.76
Daily SMA100	1481.72
Daily SMA200	1397.45

Levels
Previous Daily High	1475.7
Previous Daily Low	1462.74
Previous Weekly High	1474.6
Previous Weekly Low	1445.8
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1467.69
Daily Fibonacci 61.8%	1470.75
Daily Pivot Point S1	1459.97
Daily Pivot Point S2	1454.87
Daily Pivot Point S3	1447.01
Daily Pivot Point R1	1472.93
Daily Pivot Point R2	1480.79
Daily Pivot Point R3	1485.89

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold keeps the bid tone in place; still below $4,400

Gold adds to the optimism seen in the second half of the week, trading with decent gains just below the $4,400 mark per troy ounce on Friday. The precious metal’s advance finds traction in declining crude oil prices and fresh selling pressure on the US Dollar.

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

BoJ Recap: Not as hawkish as expected

The BoJ raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks. Governor Kazuo Ueda said the policy phase had changed.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.